Did You Know There Is A Formula Every Business Owner Must Follow To Create A Profitable Business?
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Have you fallen into the E-Myth trap?
More than 30 years ago Michael E Gerber wrote a bestselling book called The E-Myth: Why Most Businesses don’t work and What do About it. And while some may argue that this is outdated, unfortunately I still see too many businesses started by great technicians who haven’t acquired the business skills or knowledge for their business to flourish.
So, what is an e-myth? An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
This sounds great, but is it realistic? Think of starting a business as a marathon. Sure, everyone starts out of the gate at record pace, but after a few kilometres, people start slowing, even seasoned runners can hit the wall at the 32km mark, and some drop out entirely. Building a successful business takes stamina and agility.
You cannot assume that business acumen is a minor part of the business equation.
The reality is that there are many different aspects to a great business and none of them can be ignored if you want to be successful.
Let’s take a minute to talk about entrepreneurial seizure. This defines the roller coaster of emotions that comes with starting, nurturing and the potential failure of a business.
The emotions that occur, in order, are:
This is usually caused by the e-myths and assumptions above. You can get your hopes so high on instant success that even the smallest set back and you are sent into an emotional tailspin. This is also brought on by the stark realization that you can’t do it all and will need help in the areas where you don’t have the knowledge. Now, faced with limited choices you may feel like burying your head in the sand, but don’t do this.
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